Nubank has evolved in seven years from a fintech to one of Latin America's biggest credit card issuers, now on the brink of an IPO that could make it the region's largest listed bank. But Nubank's unique purple no-fee credit card has not only lured 48 million clients mainly among Brazilians long-used to hefty charges, it has also spawned a host of imitations among competitors who now threaten to knock it off its perch. In the prospectus for its New York Stock Exchange initial public offering (IPO), Nubank said one of its challenges is to increase the number of products sold per client.
Lower credit costs, a rise in net interest income, and solid balance sheet position support Mitsubishi UFJ's (MUFG) H1 results. Driven by strong performance, management raises fiscal 2021 profit view.
Itau Unibanco's (ITUB) Q3 earnings improve year over year on higher operating revenues and an expanded managerial financial margin. Although expenses rise, the balance-sheet position stays robust.